TON, the native cryptocurrency of the TON Society, has surpassed ADA’s market size of $22 billion and reached $23 billion. This significant milestone was achieved on April 9, as TON overtook ADA to become the ninth-largest cryptocurrency according to CoinMarketCap data. The market rally played a crucial role in TON’s surge.
Interestingly, this surge came just one day after the TON Society announced a $5 million allocation of Toncoin to incentivize users to utilize palm-scanning technology for authentication purposes. This initiative, known as the proof-of-personhood program, aims to distribute one million TON tokens over the next five years to users who participate and verify their digital identities on Telegram.
TON’s impressive performance can be attributed to the growing interest in the cryptocurrency. Over the past month, TON’s price has increased by over 134%, while ADA’s price has experienced a 14% decline. In a broader perspective, ADA’s price has dropped by 1.30% year-to-date, whereas TON’s price has risen by an impressive 182%.
As part of the TON community incentive program, various sectors received substantial funding, including $38 million for token mining and user incentives, $22 million for airdrops, $15 million for the League developer ecosystem, and $40 million for liquidity pool boosts. This program, unveiled on March 20, aims to drive user adoption and increase TON’s overall popularity.
On the other hand, ADA has struggled to attract investors this year, primarily due to the focus on Bitcoin ETFs in the United States and significant blockchain upgrades such as Ethereum’s Dencun upgrade.
However, one potential concern for retail investors regarding Toncoin is its token distribution. CoinCarp statistics reveal that the top 100 wealthiest Toncoin holders own 93% of the total supply, with the top 10 holders possessing nearly 60% of the tokens.
In other crypto news, USDC issuer Circle recently announced its integration with Ethereum zkSync, a development that has gained significant attention in the cryptocurrency community.
